Matt Levine, Columnist

Caesars and the $450 Million 'And'

The entire edifice of modern financial capitalism is built on 100-page documents drafted by exhausted 26-year-olds and read by nobody.

May 13, 2014 at 5:45 PM UTC

By Matt Levine

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

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Obviously my favorite financial news story so far this week is The Tale of the $450 Million 'And.' This is the story of Caesars Entertainment, which last week announced a series of transactions that had the effect of removing its guarantee of some of its Caesars Entertainment Operating Co. subsidiary's $18 billion of debt. This was bad for that debt:1